Hong Kong Housing Problem Is Not Only Attributed to the...

Hong Kong Housing Problem is not only attributed to the High Population Density Every Hong Kong citizen knows one of the grave troubles in Hong Kong is housing problem. The order of severity can be apparently reflected by many figures in recent research studies. †Rents up 22 per cent in Hong Kongâ€Å" (2011) remarks that â€Å"the price of renting two-bedroom accommodation rose by 22% to US$2,830 a month between 2009 and 2010â€Å" ( ¶2). Subcommittee on Building Safety and Related Issues (2010) also observes that â€Å"from 2005 to 2009, the [Buildings Department] received a total of 2,890 complaints concerning sub-division of flat units† (P.3). Housing becomes a luxury commodity. Many citizens of upper class own a few big hair houses for trading with†¦show more content†¦The property developers acquire the land with a high cost. They sell the flats with high prices so as to keep the profit. Moreover, the property developers’ hoarding of residentia l land is another main cause. Perry (2010) claims that â€Å"six major Hong Kong developers are sitting on projects that could provide a total of 42.6 million square of living space when completed, or about 43,000 apartments averaging 1,000 square feet† ( ¶4). Only the living space under construction owned by the land developers is ample to be resided by 43,000 families after development. This living space may not solve the entire housing problem, but at least ameliorates the situation by a significant extent. Due to hoarded land, the market is in a shortage of land supply. Therefore the prices and rents of flats rise and the property developers earn a tremendous profit. In addition to the postponement of the residential building, in Law of Hong Kong, there is not a perfect and unified regulation of the time range to finish building after purchasing the land, implying that the property developers can thoroughly bridle the market. Apart from the concerns in land supply, immi gration from mainland promotes the housing demand. Starting from 40s, immigration being not governed, there was an influx of Chinese immigrants due to the Cultural Revolution, the Anti-Japanese War and the Civil War. Policy restraining the number of immigrants soon executed.Show MoreRelatedWal-Mart Stores: Every Day Low Prices in China11767 Words   |  48 PagesStores, China had long been a strategic imperative. 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